Larry Ellison's 42% ownership of Oracle has made him one of the richest people in the world and continues to rise in value, with the stock hitting a record.
Larry Ellison's 42% Oracle stake increased in valued by $18 billion on Wednesday after the software company called for faster revenue growth.On a conference call with analysts, Ellison said Oracle is setting up data centers to capitalize on increased demand for generative artificial intelligence.Larry Ellison, chairman and co-founder of Oracle Corp ., speaks during the Oracle OpenWorld 2017 conference in San Francisco on Oct. 1, 2017.
Ellison owns about 1.15 billion Oracle shares, equal to around 42% of the company's outstanding stock. With Wednesday's increase, he now has a net worth of close to $171 billion, according toWhile Ellison has been out of the CEO role for a decade — he took up the title of chief technology officer in 2014 — he remains the leading figure at the company, and still participates in quarterly earnings calls.
Though quarterly profit and revenue fell short of Wall Street estimates, Oracle said it expects double-digit revenue growth in the new fiscal year, compared with an increase of 6% in the year that ended on May 31. Oracle said its database will become available onEllison's Oracle stake stands to increase. Later this year and next year, stock options granted to him in 2014 and 2017, when the stock price was considerably lower, will expire.
Ellison is known for lavish spending. He owned properties in California, Florida and the Hawaiian island of Lanai as of 2022, the
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